Fuzzy logic in currency market

FX Daily EUR/USD, GBP/USD, Commentary May 8, 2012
Behind the Fuzzy Logic of the

Both the EUR/USD and GBP/USD definitely had more desire for the the run up than I expected yesterday. I did think the GBP had more potential to the upside but it seems there was a much bigger desire to fill the gap on the EUR/USD than I anticipated. Which in turn drug the GBP/USD with it. The gap hasnt quite filled as I type this but an 0ver 100 pip move was a good attempt. I did short some clear manipulation moves on both pairs yesterday and took the 20 pip hit on both so any of you who did the same dont feel bad. Hindsite being 20/20 the reversal and odds for the gap closing were the better trade. We cant win them all.

EUR/USD

The way I am looking at the EUR/USD now is the reversal has started but being the 1st push from the lows (3 intraday pushes as well) does still have potential to form the 3rd long term push chop in price here so I will be looking to short from the highs (of which I would be most happy with considering fundies) or go long at the lows from a stop run there. I do still feel there could be some optimism creep into the market considering the possibility of a vain attempt by Greek officials to work together plus I do believe the new French president Hollande will be saying how happy he is with working together with Merkel on the fiscal pact. From what I read the news was a bit overblown with what he wanted to change in the fiscal pact so that has potential to simmer down from my perspective. Having said that it really doesnt change the fundamental picture in Europe and my longer term bias is down.

Source: Day Trading Forex Live

McGraw-Hill Chaos Theory in the Financial Markets
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Think MCSD?

2002-07-11 10:53:14 by Labrador

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